In the years of 2005 in 2006 I was a college student going to school for pastry arts. As part of my schooling the last four months of school I had to do it internship. My internship was done in Colorado springs, Colorado at the Broadmoor Hotel. While living there my apartment was $550 a month. Tack on the costs of food and gas and I was spending more money than I was making. I was only making $8.50 an hour.
Colorado Springs was nice but the debt that I collected was outrageous. I need to figure some way to get out of debt. While I was in Colorado I opened up my own credit card. I lived off of this credit card and ended up with over $2000 worth of debt in four months. As I said this is only an internship for school. After my internship and moved back home to Cleveland, Ohio. Bringing along my $2000 of debt with me.
By this it was January 2007 and I was searching for a job. After one month of looking I finally found one. The job I found was paying $11.25 and I was living at home. Living at home for me was not fun because I have been living on my own for two years now. I did it because it’s what I had to do to get out of debt. My personal finance and consumer credit was good at this point I did not want to ruin it.
It took me 11 months of paying $50 a week on my credit card. After those 11 months my credit card was completely paid off. I am now left with $13,000 worth of student loans. I did a little trick though with my student loans. I signed up for a two-year low monthly payment plan. This put my payments at only $34 a month for the first two years. After the first two years I was then left with an $84 a month payment. I’m glad that I did that because paying off my credit card was much more important, as the interest rates or almost 16%.
I am now married, have no credit card debt, and I’m doing just fine. I have a little under $4000 with a student loans. But everyone that I know has much much more student loans and I do. My secret to getting student loans down so fast was the same it as it was for the credit card. Just pay an extra $50 a week. Over the course of four years I paid off almost $9000 worth of debt. That should have taken me almost 10 years to pay.
I hope this helps. This is just my success story of getting out of debt. Remember if you have to use your credit card make sure it’s for needed and not wants.